econ history help
1. Which region in the New World received the smallest share of slaves? a. Brazil
b. Colonial America c. Spanish America d. French Caribbean
2. Majority of slaves that were brought to the New World during the colonial period were used in the production of:
a. cotton. b. sugar. c. tobacco. d. rice.
3. From the 1ate 1780s to immediately before the Civil War, the U.S. slave population: a. increased from roughly 300,000 to over 6 million.
b. increased from roughly 600,000 to almost 4 million. c. stayed roughly the same.
d. increased by nearly 10 million.
4. With the adoption of the U.S. Constitution in 1787,
a. importation of slaves was made illegal.
b. importation of slaves was allowed, but only for the next 20 years.
c. importation of slaves from the Caribbean was prohibited, but importation of African slaves was allowed.
d. importation of slaves was allowed only on federally-approved vessels that met minimum crew sizes.
5. Which statement is most accurate about the U.S. between 1800-1860?
a. New states were always permitted to choose whether they wanted to be free or slave states.
b. Slaves were prohibited from the western territories and new states.
c. The threat of having their jobs replaced by slaves led many southerners to unionize. d. The total value of slaves in the U.S. increased substantially after the slave trade was stopped in the early 1800s.
6. In 1860, the Republican Party formed a coalition of anti-slavery voters that elected Abraham Lincoln to the presidency. Members of this coalition included all of the following groups except:
a. Northwestern farmers.
b. Irish and German immigrants.
c. Producers who were economically linked by the Northern Gateway. d. Large property owners in New Mexico and Utah.
7. In terms of manpower needed to fight the Civil War, the South was disadvantaged by a. a smaller total population of military-aged males than the North.
b. limited support from free, white males in border states.
c. a population that included over 1 million military-aged slaves who could not be used for direct combat.
d. the fact that some of its manpower had to be used to repress the slave labor force. e. All of the above.
8. According to Fred Bateman and Thomas Weiss, in terms of industrial capacity in 1860, value added in manufacturing was close to _____ in the North, and _____ in the South. a. $500 million; $500 million
b. $750 million; $500 million c. $1 billion; $400 million d. $1.6 billion; $193 million
9. The South's transportation problem was primarily due to
a. a shortage of mules and horses.
b. a limited rail network.
c. a shortage of inland shipping.
d. the lack of a merchant marine.
10. At the outset of the Civil War, _______________ had a significant advantage in arms production; however, ____________ was able to increase production more rapidly.
a. the South; the North b. the North; the South
c. neither the North nor the South; the North d. the North; the North also
11. Crop lien laws that existed in the South in the late 19th century:
a. allowed country stores to require debtors to repay their debts in cotton.
b. led to the under-production of cotton.
c. protected sharecroppers from exploitation by banks and other lending institutions.
d. redistributed property by providing small farms for freed slaves.
e. All of the above.
12. The most important factor in the demise of the debt peonage in the post-Civil War South was:
a. the impact of the boll weevil. b. improved roads.
c. the automobile.
d. increased urbanization and industrialization.
13. What Supreme Court case ruled separate education for blacks and whites was constitutional provided that it was equal?
a. Plessy vs. Ferguson b. Munn vs. Illinois c. The Dred Scott Case
d. Brown vs. Board of Education
14. The abrupt end of long distance cattle drives in 1885 was primarily due to
a. the development of railroad cars that could haul cattle.
b. organized efforts by northern cattlemen to reduce overstocking of cattle on the northern ranges.
c. the advent of barbed wire fences.
d. a reduced demand for beef in both domestic and export markets.
15. Which of the following statements correctly characterizes changes in farming and agriculture land during the period between 1870 and 1900?
a. The number of farms rose, but the number of acres under cultivation fell.
b. The number of farms fell, but the number of acres under cultivation rose.
c. The number of farms, as well as the number of acres under cultivation rose.
d. The number of farms, as well as the number of acres under cultivation fell.
16. Which of the following pieces of legislation represents a liberalization of federal land policy?
a. The Homestead Act of 1862
b. The Desert Land Act of 1877
c. The Timber and Stone Act of 1878
d. All of the above are correct.
e. Only a and c are correct.
17. Established in 1862, the Department of Agriculture’s functions during the 19th and early 20th century included all of the following except
a. research and experimentation on plant and animal breeding.
b. regulation of agricultural prices and output.
c. distribution of information through publications and experiment stations.
d. regulation of quality through inspection of meat and dairy products.
18. The Morrill Act of 1862 established
a. local chapters of the organization that later became known as “Future Farm Leaders of America.”
b. state-run agricultural experiment stations.
c. “land-grant” colleges that provided agricultural education and research.
d. funding for high-school vocational training.
19. Which of the following presidents is remembered for his role in championing American conservation legislation?
a. Warren G. Harding b. Abraham Lincoln c. Ulysses S. Grant
d. Theodore Roosevelt
20. Major achievements of the Roosevelt administration in the field of conservation included all of the following except
a. protection of 150 acres of national forests.
b. retention of rights to 75 million acres of mineral wealth.
c. adoption of policies that would ultimately provide for construction of reservoirs and irrigation projects.
d. protection of over 100 species of animals and birds, including the bald eagle.
21. The joining of the eastern and western sections of nation’s first transcontinental
railroad was commemorated with the driving of the last spike on May 10, 1869:
a. in Salt Lake City.
b. in Washington, D.C.
c. at Promontory Point.
d. on the rim of the Grand Canyon.
22. The Willie and Martin Companies were:
a. two groups of Mormon “handcarters” who were stranded when early winter storms interrupted their migration.
b. two work teams that were instrumental in completing the first transcontinental railroad.
c. the northern and southern branches, respectively, of the Granger organization.
d. two railroad construction companies that were found to have “insiders” on the boards of railroad companies with which they contracted.
23. Between 1864 and 1900, the largest portion of railroad track (as a percentage of total annual construction) was laid in which region of the U.S.?
a. the Southeast
b. the Northeast
c. the Pacific Northwest
d. the Great Plains region
24. Albro Martin and the text contend that the work of the Interstate Commerce Commission was largely for the benefit of _________.
a. consumers
b. the environment
c. the federal government d. major shippers
25. Fogel argued that railroads were more cost effective than canals because railroads were faster and were in service all year and that using rail instead of canals would ____. a. lower freight rates on the railroads
b. lower government subsidies for railroads c. lower eastern inventories of grain in the d. reduce the wheat being shipped to Europe
26. Robert Fogel’s upper bound estimate of the social savings from the railroad industry came to about ____ of the GNP in 1890.
a. 7
b. 15
c. 20
d. 120
27. The considerable rise of manufacturing in the last half of the 19th century has become known as
a. the Great Leap Forward.
b. the Industrial Revolution.
c. the Second Industrial Revolution.
d. the Ascendancy of Manufactures.
28. By the 20th century, the largest sector of the U.S. economy in terms of commodity output value was
a. agriculture.
b. manufacturing. c. mining.
d. construction.
29. Between 1860 and 1910, value added by the top ten manufactures roughly
a. doubled.
b. tripled.
c. increased by 500% (a factor of five).
d. increased by 1000% (a factor of ten).
30. Between 1860 and 1910, output in manufacturing, mining, and railroad freight hauling
a. expanded more rapidly than the labor force in these sectors. b. grew at about the same rate as the labor force in these sectors. c. grew more slowly than the labor force in these sectors.
d. expanded, while the labor force in these sectors declined.
31. In 1901, U.S. Steel was created through the ______________ merger of three steel firms. U.S. Steel combined Carnegie Steel, which had acquired iron ore and coal mines through previous _________ mergers, with National Steel and Federal Steel, both of which had strong __________ alliances.
a. horizontal; backward vertical; forward vertical b. vertical; horizontal; backward vertical
c. horizontal; horizontal; forward vertical d. vertical; forward vertical; horizontal
32. According to Alfred Chandler, large vertically integrated firms dominated much of American manufacturing in the early 1900s because
a. U.S. manufacturers sought to emulate the production practices of European manufacturers.
b. U.S. tax laws created strong incentives for vertical integration.
c. continuous-flow technologies were cost minimizing only when the inflow of inputs and the sale of outputs proceeded without interruption.
d. larger firms were better able to fight the establishment of labor unions and collective bargaining arrangements.
33. In U.S. v. U.S. Steel Corporation, the Supreme Court ruled that
a. U.S. Steel had violated the Sherman Act, particularly by organizing meetings with competitors such as the “Gary Dinners.”
b. despite the fact that U.S. Steel controlled 50 percent of output in the steel industry, the company had not achieved monopoly power.
c. large corporations, by definition, violate the Sherman Act.
d. the Sherman Act did not apply to U.S. Steel because steel manufacturing was an activity “clothed with a public interest.”
34. Between the Civil War and World War I, the U.S. monetary system: a. experienced a persistent deflation.
b. suffered several financial crises in which banks closed and firms went bankrupt. c. adopted a de facto gold standard.
d. adopted a central bank. e. All of the above.
35. The "greenback":
a. provided a uniform currency across the U.S.
b. provided additional revenue for the government during the Civil War.
c. supplied monetary increases that sent prices skyrocketing.
d. All of the above are correct.
e. Only a and b are correct.
36. Most of the increase in total money supply between 1860 and 1920 was due to: a. sustained economic growth.
b. the growth of bank deposits. c. an increase in greenbacks.
d. new discoveries of gold and silver.
37. In the U.S. during the late 1800s and early 1900s, investment banks:
a. emerged to serve the expansion of railroads, mining companies and large manufacturers.
b. issued bank notes.
c. competed with state and national banks for deposits.
d. were required by law to maintain a minimum reserve ratio.
e. All of the above.
38. J.P. Morgan was instrumental in the formation of: a. Ford Automobiles.
b. U.S. Steel Corporation. c. Standard Oil.
d. Swift Meats.
39. The Federal Reserve Act:
a. established a system which allowed for better regulation of financial intermediaries.
b. allowed only nationally-chartered banks to become members of the Federal Reserve system.
c. allowed the Fed District Banks to offer commercial loans to private businesses at reduced interest rates.
d. required that all Fed District Bank directors be associated with the commercial banking industry.
e. all of the above.
40. What is not true of The Federal Reserve Act (1913)?
a. Membership in the system was made compulsory for national banks.
b. State banks were not permitted to join the system.
c. The member banks nominally owned the Federal Reserve Banks.
d. Member banks had to deposit cash, previously held as reserves, with the district Federal Reserve Bank.
41. According to Martha Olney why did blacks buy on installment at almost twice the rate of whites?
a. Installment contracts were formal and could be used legally for repossession while credit agreements could not.
b. Blacks did not like to buy things on credit.
c. Blacks were more likely than whites to purchase goods that required installment purchases.
d. It was easier for blacks, who tended to have lower income than whites, to pay off their debts on a regular schedule that the installment plans offered.
42. What is least accurate about marketing and selling in the US prior to the Civil War? a. Attracting customers was not a main objective of advertising.
b. Installment buying was known, but was uncommon until about 1900.
c. Most companies eliminated wholesalers to market products directly to their customers and save money.
d. Advertising was typically limited to magazines and some occasional outdoor ads in big cities.
43. What is the most accurate statement about the fraction of the US population that lived in urban areas between 1800 and 1910?
a. The fraction of the US population that lived in urban areas grew steadily throughout the period.
b. The fraction of the US population that lived in urban areas decreased steadily throughout the period.
c. In 1910, about 85% of the US population lived in cities over 100,000 people.
d. In 1800, more than half of the US population lived in towns over 2,500 people.
44. Which is least accurate about foreign trade?
a. In the early 1900s, the most industrialized nations exported foodstuffs and raw materials to the least developed countries.
b. After the Civil War, rapid improvements in communications, like the first successful transatlantic cable, lowered the price of trade.
c. After the Civil War, rapid improvements in transportation, like the opening of the Suez Canal and developments of railroads, reduced the price of shipping.
d. In the late 1800s and early 1900s the network of international trade assumed many of its modern characteristics.
45. What most accurately describes the US tariff policy between 1850 and 1910? a. The US was strongly committed to free trade throughout the period.
b. The US became more protectionist during the Civil War and the level of tariffs remained high through 1910.
c. The US had very high tariff barriers at the beginning of this period, but lowered them consistently throughout this period.
46. What is least accurate about the US experience with the income tax?
a. The federal income tax was not used for an extended period until after 1910.
b. In the late 1800s and early 1900s, people from the South and West were most likely to support an income tax.
c. Increases in the income tax were justified by using the money for more generous army pensions and increased military spending, especially for the US Navy. d. Provisions for the income tax were stated in the US Constitution.
47. Which of the following statements best describes the reason for the large migration of African-Americans from the south to the north during the 1920s?
a. This movement was just a continuation of the same trend that had been occurring in large scale since the end of the Civil War.
b. African-Americans moved north to reunite families that had been divided during the many years of slavery.
c. The African-Americans who had worked in the south had mostly been employed in the manufacturing sector, which suffered a downturn in the 1920s.
d. Employers in the North who had traditionally hired European immigrants had to search elsewhere when immigration restrictions were imposed.
48. Which of the following is not accurate about the role of women in the 1920s?
a. There was a large increase in the number of two earner families.
b. Women gained the right to vote.
c. There was an increase in educational opportunities for women.
d. Women gained a significant amount of cultural and social freedom.
49. Which of the following statements is not accurate about the 1920s?
a. There was a significant increase in mass production and mass marketing.
b. There was a significant increase in urbanization.
c. The ability of many Americans to afford consumer goods dropped sharply.
d. Consumer credit policies were developed and instituted on a large scale for the first time.
50. Which of the following statements is not correct about the 1920s?? a. There was an increased use of advertising.
b. There was a significant increase in travel and the building of highways. c. There were many innovations in the automobile sector.
d. The rapid increases in income reduced the use of credit.
51. During the stock market boom of the late 1920s stock prices ______.
a. rose at about the same rate as dividends
b. rose faster than dividends
c. rose more slowly than dividends
d. there is, surprisingly, not enough information to know what happened to prices relative to dividends
52. Between 1922 and 1929 stock prices increased by more than a. 100%.
b. 200%. c. 300%. d. 1000%.
53. Which of the following statements is most accurate?
a. Most economic historians believe that the policies of the federal government were an important cause of the Great Depression.
b. Most economic historians believe rapid increase in inequality caused the Great Depression.
c. The US experienced a relative absence of cyclical unemployment and was relatively free from the mass joblessness that had previously plagued the nation.
d. More homogenous communities chose to have higher taxes to fund schools.
54. During the Great Depression, real GDP decreased by roughly ____ percent and unemployment rose to roughly ____ percent.
a. 5; 10
b. 20; 10
c. 30;25
d. 50;25
55. What is the best description of the US economy from 1929-1940?
a. GNP decreased continually during the greatest Depression our nation has known. b. The economy suffered a large drop from 1929-1933, but then grew steadily through WW II.
c. The economy suffered an initial drop, a four-year expansion and then another drop towards the end of the decade.
d. The unemployment rate increased steadily throughout the period.
56. In the year after the stock market crash of 1929, stock prices on average ___. a. were lower than they had been in decades
b. were lower than in 1929 but higher than in the mid-1920s c. rebounded to a level higher than in 1929
d. cannot be reliably calculated because no buyers could be found for many stocks, and hence no prices were reported
57. Which was not a factor in causing the Great Depression?
a. the end of a boom in construction
b. the crash of the stock market
c. a struggling agriculture sector
d. structural weakness in the banking system
e. All of the above were factors causing the Great Depression.
58. Which of the following “quotations”, according to chapter 23, best summarizes Keynes conclusions about the lessons of the depression for the nature of capitalism? a. “It is in determining the volume, not the direction, of actual employment that the existing system has broken down.”
b. “An economic system that forgets to find work for millions of men and women, cannot be trusted to perform any task in an intelligent fashion.”
c. “The depression is essentially a problem of reliance on a private banking system for the provision of an inherently public good, money.”
d. “The rules of sound finance, namely stable prices and balanced budgets, apply as much to the present crisis, as they do in more pleasant times.”
59. In regards to the uncommon length of the Great Depression, both Schumpeter and Higgs contend that:
a. private investment remained depressed in part due to the political climate created by the New Deal.
b. Social Security and the freedoms granted to labor, along with a progressive tax structure promoted growth in private investment.
c. the undistributed profits tax of 1936 encouraged businesses to undertake long-term investments.
d. the New Deal rhetoric from President Roosevelt, offered a pro-business slant that offended labor groups.
60. Walton and Rockoff contend that a repetition of the Great Depression is unlikely for all of the following reasons except ____.
a. the Federal Reserve is unlikely to repeat the mistakes it made in the 1930s
b. the private sector is less vulnerable now because the industrial sector is relatively smaller
c. government programs exist that would ameliorate suffering and inhibit the spread of a crippling panic
d. the public is unlikely, even in a depression, to vote for a radical government that would frighten business and inhibit investment, the way it did in the 1930s
61. Which United States President is most closely identified with the Great Depression?
a. Calvin Coolidge.
b. Herbert Hoover.
c. Franklin Roosevelt.
d. Theodore Roosevelt.
e. Richard Nixon.
62. Which United States President is most closely identified with the New Deal?
a. Calvin Coolidge.
b. Herbert Hoover.
c. Franklin Roosevelt.
d. Theodore Roosevelt.
e. Richard Nixon.
63. In which of the following areas were substantial New Deal reforms NOT made?
a. The commercial banking system.
b. The Federal Reserve System.
c. Securities markets.
d. Corporate accounting standards.
64. What was not one of the government’s strategies to pull the nation out of the Great Depression?
a. Large subsidies for manufacturing companies.
b. Sizable increases in employment of emergency workers.
c. Development of the Federal Deposit Insurance Corporation (FDIC).
d. Institute price controls for farmers.
65. What was not a significant cause of the Great Depression? a. Bank failures
b. Stock market crash
c. Government fiscal and monetary policy
d. Large increase in imports that took jobs away from American workers
66. According to Freidman and Schwartz, the most important structural change in the banking system to result from the 1933 panic:
a. were laws barring short calls on equities.
b. was Federal insurance of bank deposits.
c. was an unprecedented increase in regulation.
d. was the loss of public confidence.
67. Most economists have argued that the persistence of high unemployment despite New Deal policies:
a. constitutes a complete repudiation of New Deal policies.
b. was the result of "sticky" wages.
c. was in part the result of pressures from government to maintain wages.
d. Both b and c are correct.
68. Stagflation is defined as:
a. the simultaneous occurrence of high inflation and high unemployment.
b. high inflation accompanied by falling interest rates.
c. declining GDP accompanied by a stable price level.
d. a persistent decline in the price level that is unresponsive to monetary and fiscal policies.
69. Monetary policy is primarily exercised by:
a. Congress.
b. the President.
c. the Federal Reserve.
d. the Treasury Department.
70. Which of the following economists is often credited with establishing the monetarist school of thought?
a. John Maynard Keynes
b. Arthur Laffer
c. A. W. Phillips
d. Milton Friedman
71. The economic boom of the 1990s was caused in part by: a. Jimmy Carters efficient administration.
b. sub-prime lending.
c. an investment boom as the use of personal computers and the Internet became ubiquitous.
d. All of the above are correct. e. Only a and c are correct.
72. The economic scenario of the early 2000s did not include:
a. a stock market fall.
b. low interest rates.
c. a strong increase in employment.
d. a fall in real investment.
73. The financial crisis that began in 2007:
a. was predicted in detail by Alan Greenspan and Ben Bernanke.
b. was centered on subprime lending and the complex financial instruments based on subprime loans.
c. was caused by a downturn in the stock market.
d. None of the above are correct.
74. The Federal Reserve’s responses to the financial crisis that began in 2007 include: a. cautious cuts in the Federal funds rate.
b. large expansions of credit.
c. underwriting lending in many markets. d. All of the above are correct.
e. Only b and c are correct.
75. From 1950 to 2007, manufacturing as a percentage of GDP changed from roughly
____ percent to roughly ____ percent.
a. 10;25
b. 28;11
c. 25;50
d. 50;25
76. In the last 20 years, all of the following measures of the manufacturing sector have declined except:
a. total employment in manufacturing.
b. manufacturing employment as a share of the labor force.
c. manufacturing output as a share of GNP.
d. total manufacturing output.
77. According to Joseph Schumpeter, the success of capitalism relies on:
a. continuous, small improvements to existing products.
b. "gales of creative destruction."
c. careful government direction of the manufacturing sector.
d. a strong agricultural sector to support the manufacturing workforce.
78. Which of the following statements is most accurate about immigration in the 20th century?
a. The largest numbers of immigrants were during the “boom decades” like the 1920s,
1960s, and 1990s.
b. The number of immigrants decreased from 1900 until the Great Depression, increased consistently between 1940 and 2000, and is now about the same as it was in 1900.
c. Immigration was greatest during World War I and World War II as many people from around the world fled to the United States for safety.
d. Immigration has decreased dramatically in the last 30 years as the federal government instituted more restrictions and cracked down on illegal immigration.
79. All of the following have played a role in reducing union strength since 1970 except
a. rising service sector employment.
b. foreign industrial competition.
c. the Supreme Court’s decision to apply antitrust laws to union organization efforts.
d. “right-to-work” laws.
80. Americans who benefit from immigration include
a. firms that hire immigrants.
b. workers whose skills are complementary with immigrants’ skills.
c. consumers who purchase goods produced using immigrants labor.
d. property owners who own land in immigrant neighborhoods.
e. All of the above.
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Please answer the following Essay Questions (all of them, separately) with 3-5 (or more) paragraphs each; an Introduction, a body paragraph(s), and a conclusion.
1) What was the “Black Wall Street” movement? (60 points)
2) How did railroads change the economic landscape of America? (40 points)
3) How can monopolies help economic growth? How can they hinder economic growth? (60 points)
4) What were the causes of the Great Depression? How did the economic policies of the US government help us get out of the Great Depression? (60 points)
5) Please explain the progression of post-war monetary policy in the U.S. How and/or why did it progress like it did? (60 points)